Archive for January, 2008

Newest Sacramento Foreclosure News:

 According to the newest research I have done, Sacramento County is ranked 6Th out of 55 in the state for population per foreclosure sale.  Currently there are approximately 1,426 people for each trustee sale here in Sacramento… Right now Sacramento County Has 22,273 Foreclosures; according to Default Research (www.defaultresearch.com), that’s 4.22 percent of the households in Sacramento. Wow.

 “The impact of the credit crisis that began in August is now clearly starting to show its impact,” said ForeclosureRadar… which is the only web site that tracks every California foreclosure with daily updates on foreclosure auctions.  It also has a mapping feature that shows foreclosure activity from a Birdseye view and I use it frequently on listing appointments to show the number of homes in a particular area that are about to become bank owned and add to our inventory;  A great way to get sellers to either throw in the towel right now or to price their home aggressively and stop the bleeding right now.

 The latest foreclosure numbers and transaction reports are showing that finally we are seeing an increase in the number of real estate deals here in the Sacramento area. 

 Numbers for the rest of the state seem just as scary: DataQuick Information Systems of La Jolla reported that lenders sent81,550 default notices in the last three months of 2007. 

 At dinner the other night, I ran into a guy that told me about his own foreclosure ‘plight’: He is a displaced lender; he was in the mortgage business for over ten years and is now doing construction…  He owns four income properties here in the Sacramento area; one in Folsom, Two in Elk Grove and one in Carmichael.  After taking out all the equity on these homes, he put adjustable rate and neg-am mortgages on all of them (negative amortization; a type of mortgage where the monthly payment doesn’t even cover the interest, so the principle actually increases over the length of the loan).  Then he took the cash to put down on a huge house overlooking Folsom lake.  Now his mortgages are all in default and he is not making the payments.  His tenants have no Idea. He is pocketing the rent.

I wonder how many similar stories there are out there…

Authored by | Discussion: 1 Comment »





Copyright © 2007 Sacramento Real Estate Talk     Agent Login     Design by Real Estate Tomato     Powered by Tomato Blogs

Disclaimer: The information contained on this website is deemed reliable but not guaranteed in any way. This information is not to be taken as legal advice

Phone Number: 916-248-7777 / DRE: 01319540